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Insolvency Service “reframes” view of creditor – IPs can apply their discretion (UK)

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Ritz Camera Files For Chapter 11 Bankruptcy

The past few years have been rough for the camera industry. First, famed film company Kodak filed for bankruptcy protection after dismal sales and failing to capitalize on the digital trend that encompasses the camera business as of late. According

Palatine Bankruptcy Lawyer Discusses Chapter 13 Filing Requirements

Palatine bankruptcy lawyer David Siegel states that before a Chapter 13 bankruptcy case can be filed, you must submit to a credit counseling session. A credit counseling session is a half-hour or one hour on the computer, phone or in person with a

Palatine Bankruptcy Attorney Describes Post-Filing Bankruptcy Requirements

Palatine bankruptcy attorney David Siegel states that after your Chapter 7 bankruptcy case is filed but before it goes to discharge, you have the requirement of taking a two hour financial management instruction class. The two hour financial

The Daily Docket: Cinram Enters Bankruptcy

Struggling to figure out how to sell DVDs and CDs in a download-driven world, Toronto-based movie and music seller Cinram International Inc. has filed for bankruptcy protection while its executives move to sell its operations. Read the Daily

Most Common Debts Discharged in Bankruptcy

One of the benefits of filing Chapter 7 bankruptcy is the ability to discharge qualifying debt. Debt that is discharged is eliminated; meaning creditors are unable to pursue collection attempts against the debtor once the action is granted by the

89 Year Old Vet Forced From Home Because Of Poor Planning And Dishonesty

An 89 year old WWII vet hid $66,000 in gold and silver in his backyard, didn't tell his lawyer about that and then filed for bankruptcy. His home, owned free of all secured claims other than a few minor judgment liens, is to be sold and he is forced

Supreme Court Declines to Hear Net Equity Issue

The U.S. Supreme Court has passed on the opportunity to decide how claims of investors in Bernard L. Madoff Investment Securities LLC should be calculated. One of the sad things about the Madoff liquidation is that it pits defrauded investors against

Tokyo Electric Power Co to receive funds at interest rates below 1%

Per www.globalinsolvency.com: Tepco To Get Funds At Low Rates Tue., June 26, 2012 Tokyo Electric Power Co will receive fresh funding at interest rates below 1 percent from its top 10 lenders, Japanese business daily the Nikkei reported. The

To reaffirm, or not reaffirm: that is the question that you must ask…

A reaffirmation of your debts in a chapter 7 bankruptcy is a serious decision that can have long term consequences. Deciding on whether you should or should not reaffirm a debt is one that you should consider carefully. Each situation is unique, so I

Today in Bankruptcy – 6-25-2012

Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for June 25, 2012. California City Could Declare Bankruptcy This Week Bankruptcy Forces 89-year-old WWII Vet From Home Furor at Steel Tycoon

FHFA Wants Money Transferred from Local Government to Bondholders

FHFA has sued the State of Illinois and some local government units claiming that Fannie Mae and Freddie Mac are exempt from state and local real estate transfer taxes. FHFA's argument is basically that the GSEs are subject only to non-discriminatory

Has the 'Michelangelo of Risk Management' Lost His Touch?

Jamie Dimon never had it, actually. He assiduously avoided subprime consumer credit, leaving profitable business on the table, but JPMorgan's recent trading loss reveals lax management of much greater risks.

Bankruptcy Errors to Avoid - Part 3 - The Pain Of Not Changing Banks

A great number of us use our bank for everything: paychecks are on direct deposit; pay credit cards, mortgage payments and utilities bills electronically. Some bills are setup for automatic payment and others are scheduled manuelly. We are familiar

Vitro: Chapter 15 and the Limits of Comity: Texas Bankruptcy Court Refuses to Enforce Third Party Release Provisions in Mexican Plan of Reorganization

On June 13, 2012, Judge Harlin D. Hale of the United States Bankruptcy Court for the Northern District of Texas refused to enforce provisions of a Mexican plan of reorganization that purported to extinguish guarantees by the debtor’s non-debtor

Is Chapter 7 Bankruptcy an Option to Help Me Keep Secured Property?

It’s common to be told by your bankruptcy attorney or trustee that secured property should be paid for or returned in a Chapter 7 bankruptcy case. Meaning if you have a debt that includes secured property with a lien, you’ll have to set up a payment

Dearth of Start-Up Banks Is an Unsettling Indicator

We'll know that the banking industry has returned to full health when we see a significant number of new charters. We're not there yet.

Friends & Family Cosigned For You? A Bankruptcy Trap for the Unwary.

Having a co-signer is a good way to get more credit. It’s a special issue when you are filing bankruptcy, though. There are a lot of ways to address these debts but you have to be careful. A co-signer is often helpful in getting more credit or better

Pot (Plan), Anyone?

What’s a Chapter 13 pot plan, you ask. Not one drafted while under the influence, for sure. A “ pot plan” is the contrast to a “ percentage plan“. They are alternative ways to summarize the measure of what the debtor in a Chapter 13 plan proposes to

Stern: One Year Later

We can hardly believe that it has only been a year since the Supreme Court decided Stern v. Marshall. In just one year, well over 350 decisions have referenced Stern for many different propositions. To assist you in the strenuous task of sifting

Ritz Camera Files Chapter 11 Bankruptcy Again

Ritz Camera & Image, a retail chain that specializes in photography electronic products has filed for Chapter 11 bankruptcy protection again. The retailer just emerged from bankruptcy in 2009. The company claims to be facing challenges and increased